March 15, 2018
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
4-1, Nihonbashi 1-chome, Chuo-ku, Tokyo 103-0027
Nippon Accommodations Fund Inc.
Executive Director
Takashi Ikeda(Code number 3226)
Investment Trust Management Company
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
President and CEO
Tateyuki Ikura
Contact CFO and Director
Satoshi Nohara(TEL 03-3246-3677)

Notification Concerning the Change of Directors and Auditor at the AssetManagement Company
Nippon Accommodations Fund Inc. (“NAF”) hereby provides notice that the Board of Directors of Mitsui FudosanAccommodations Fund Management Co., Ltd. (“the Asset Management Company”), to which NAF entrusts asset
management services, resolved in writing, pursuant to Article 370 of the Companies Act, as of today to submit aproposal, in accordance with Article 319, Paragraph 1 of the Companies Act, to nominate the following persons ascandidates for the position of director and auditor of the Asset Management Company, the appointment of suchdirector and auditor being the purpose of the shareholders meeting:

1. To be appointed (effective April 1, 2018)
Director (full-time)

Tetsuji Kawakami (Please refer to the exhibit for the archival records.)

Director (part-time) Masahiko Okamoto (Please refer to the exhibit for the archival records.)
Auditor (part-time)

Makoto Ishida (Please refer to the exhibit for the archival records.)

2. To retire (effective March 31, 2018)
Director (full-time)

Satoshi Nohara

Director (part-time) Hiromu Yamanaka
Auditor (part-time)

Yoichi Kunikane

Required procedures such as notification etc. of the above change will be taken in accordance with the provisionsof the Financial Instruments and Exchange Act, the Building Lots and Building Transactions Business Act andother applicable laws and regulations.
Japanese original document was distributed to press clubs within the Tokyo Stock Exchange (KabutoClub) and the press club of the Ministry of Land, Infrastructure, Transport and Tourism and to the pressclub for construction publications of the Ministry of Land, Infrastructure, Transport and Tourism.
NAF’s website: https://www.naf-r.jp/english/

Please note that this English translation of the Japanese original document is provided solely for information
purposes. In the event of any discrepancy between the Japanese original and this English translation, theJapanese original shall prevail.

1

(Exhibit)
Title
Director(full-time)

Director(part-time)

Auditor(part-time)

Name
Tetsuji Kawakami

Masahiko Okamoto

Makoto Ishida

Career Summary
Joined Mitsui Fudosan Co., Ltd.

April, 1987
April, 2004

Seconded to Mitsui Fudosan Housing Lease Co., Ltd.
(currently Mitsui Fudosan Residential Lease Co., Ltd.)

April, 2009

Residential Leasing Business Department,
Accommodations Business Division of Mitsui Fudosan Co.,Ltd.

April, 2013
April, 1985

Seconded to Mitsui Fudosan Realty Co., Ltd. (current)
Joined Mitsui Fudosan Co., Ltd.

April, 2007

Administration Department, Retail Properties Division ofthe sameApril, 2011

Residential Leasing Business Department,
Accommodations Business Division of the sameApril, 2013

Seconded to Mitsui Fudosan Hotel Management Co., Ltd.

April, 2015

General Manager, Strategy Planning and Administration
Department, Retail Properties Division of Mitsui FudosanCo., Ltd. (current)
Joined Mitsui Fudosan Co., Ltd.

April, 1990
April, 2006

Administration Department, Retail Properties Division ofthe same

April, 2011

Seconded to Mitsui Fudosan Accommodations FundManagement Co., Ltd.

April, 2014

General Administration Department of Mitsui Fudosan Co.,Ltd.

April, 2016

Affiliated Business Department of the same (current)2